Credit Union pays out big dividends

Ken Johnston
Editor

The Northern Lights Credit Union had a banner year in 2001.
At the financial institution’s annual general meeting last Tuesday in Fort Frances, 63 members received several reports on the year ending December 31, 2001.
Chairman of the Board of Directors, Mike Eliuk noted that NLCU distributed about $140,000 in dividends to its members at the end of last year.
Vice-president of Commercial Lending, Brian MacDonald, said that the NLCU also received 1,684 applications to borrow money last year. Of those 99 mortgages, 931 personal loans and 224 line credit applications were approved. 430 applications for credit were declined. On the down side, MacDonald reported that the number of overdrafts that were delinquent 90 days and more were 22, representing a total outstanding balance of $971,573.
NLCU President and CEO, Doug Robinson, reported that usage of credit union services grew by good margins again in 2001. Interac Direct Payment purchasing increased by 20% over 2000.
Robinson noted that a new fundraising program connected to NLCU MasterCards has seen some success. For every $1,000 spent on the card by the consumer, $1 is donated to charity. Based on last year’s sales, Robinson said $3,600 will be donated to charity.
The overall assets of the NLCU grew by $4.7 million or 6%. Member deposits increased by $7 million in 2001.
Two members of the board of directors were reelected. They are Lawrence Wilson-Dryden and Ken Hampton-Fort Frances. A new director was elected to represent Fort Frances members. His name is Harold Huntley. The rest of the board consists of Mike Eliuk-Sioux Lookout, Gordon Dingman-Vermillion Bay, Barbara Bond-Ignace, John Amundsen-Rainy River, Dolores Mitani-Dryden and Robert Ivanowich-Dryden.